BioLineRx Ltd. (BLRX): Business Model Canvas

In der dynamischen Welt der Biotechnologie erweist sich BioLineRx Ltd. (BLRX) als Pionier und verändert die Landschaft der Onkologieforschung durch sein innovatives Geschäftsmodell. Durch die strategische Bewältigung des komplexen Terrains der Arzneimittelentwicklung nutzt dieses in Israel ansässige biopharmazeutische Unternehmen modernste wissenschaftliche Expertise, Kooperationspartnerschaften und einen laserfokussierten Ansatz, um ungedeckte medizinische Bedürfnisse in der Krebsbehandlung zu erfüllen. Ihr Business Model Canvas enthüllt einen sorgfältig ausgearbeiteten Entwurf, der wissenschaftliche Innovation, strategische Allianzen und ein unermüdliches Engagement für bahnbrechende Therapien vereint, die möglicherweise die Art und Weise, wie wir Krebs verstehen und bekämpfen, revolutionieren könnten.

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit pharmazeutischen Forschungseinrichtungen

BioLineRx hat Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Hadassah Medical Center	Entwicklung onkologischer Medikamente	2017
Universität Tel Aviv	Präklinische Forschung	2019

Strategische Allianzen mit akademischen medizinischen Zentren

BioLineRx unterhält strategische Allianzen mit wichtigen akademischen medizinischen Zentren:

• Hebräische Universität Jerusalem
• Sheba Medical Center
• Bar-Ilan-Universität

Partnerschaften mit Auftragsforschungsorganisationen (CROs)

BioLineRx arbeitet mit mehreren CROs für das Management klinischer Studien zusammen:

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
ICON plc	Management klinischer Studien	2,3 Millionen US-Dollar
Medpace Inc.	Koordinierung onkologischer Studien	1,7 Millionen US-Dollar

Lizenzverträge mit Biotechnologieunternehmen

Aktuelle aktive Lizenzverträge:

Partnerunternehmen	Arzneimittelkandidat	Lizenzbedingungen
Novartis	BL-8040	10 Millionen US-Dollar Vorauszahlung
Merck KGaA	AGT-150	Meilensteinpotenzial von 5,5 Millionen US-Dollar

Staatliche und gemeinnützige Forschungsförderungsorganisationen

Finanzierungsquellen für BioLineRx-Forschungsinitiativen:

• Israelische Innovationsbehörde – Zuschuss in Höhe von 3,2 Millionen US-Dollar
• Europäisches Programm Horizont 2020 – Forschungsförderung in Höhe von 1,5 Millionen Euro
• Israel Science Foundation – 750.000 US-Dollar Forschungsunterstützung

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer biopharmazeutischer Therapeutika

BioLineRx konzentriert sich auf die Entwicklung innovativer Therapeutika mit besonderem Schwerpunkt auf onkologischen Behandlungen. Ab 2024 verfügt das Unternehmen über:

• 7 aktive Arzneimittelentwicklungsprogramme
• 3 onkologische Medikamentenkandidaten im klinischen Stadium
• Gesamtausgaben für Forschung und Entwicklung in Höhe von 12,4 Millionen US-Dollar im Jahr 2023

Arzneimittelkandidat	Entwicklungsphase	Therapeutischer Bereich
100 BGN	Phase 2	Onkologie
BL-8040	Phase 2	Krebsimmuntherapie
AGT-1487	Präklinisch	Solide Tumoren

Durchführung klinischer Studien für Arzneimittelkandidaten

Klinische Studienaktivitäten umfassen:

• 3 laufende klinische Studien im Jahr 2024
• Gesamtinvestition für klinische Studien in Höhe von 8,7 Millionen US-Dollar im Jahr 2023
• Zusammenarbeit mit 12 Forschungseinrichtungen

Forschung und Entwicklung onkologischer Behandlungen

Einzelheiten zu den Investitionen in Forschung und Entwicklung im Bereich Onkologie:

Jahr	F&E-Ausgaben	Prozentsatz des Budgets
2023	12,4 Millionen US-Dollar	68%
2022	10,9 Millionen US-Dollar	65%

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Kennzahlen zur Einhaltung gesetzlicher Vorschriften:

• 5 aktive FDA-Interaktionen
• 2 laufende IND-Anträge
• Compliance-Budget von 1,6 Millionen US-Dollar im Jahr 2023

Verwaltung und Schutz des geistigen Eigentums

IP-Kategorie	Anzahl der Patente	Geografische Abdeckung
Onkologische Therapeutika	24	USA, EU, Israel
Mechanismen zur Arzneimittelabgabe	8	USA, EU

Zu den IP-Verwaltungsdetails gehören: Jährliche Ausgaben für den Schutz geistigen Eigentums in Höhe von 2,1 Millionen US-Dollar und kontinuierliche Strategien zur Erweiterung des Patentportfolios.

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes Wissenschafts- und Forschungstalent

Im Jahr 2024 beschäftigt BioLineRx etwa 35 Vollzeitforscher und Wissenschaftler. Wesentliche Personalaufteilung:

Qualifikationsniveau	Anzahl der Mitarbeiter
Doktoranden	18
Wissenschaftler auf Master-Niveau	12
Forschungsassistenten	5

Fortschrittliche Labor- und Forschungseinrichtungen

BioLineRx unterhält Forschungseinrichtungen in Jerusalem, Israel, mit den folgenden Spezifikationen:

• Gesamtlaborfläche: 1.200 Quadratmeter
• Biosicherheitsstufe 2 (BSL-2) zertifizierte Forschungsbereiche
• Fortschrittliche Ausrüstung für Molekularbiologie und Zellkultur

Proprietäre Arzneimittelentwicklungstechnologien

Das Technologieportfolio umfasst:

Technologieplattform	Anzahl aktiver Programme
Entwicklung onkologischer Arzneimittel	3
Immuntherapie-Technologien	2
Targeting seltener Krankheiten	1

Robustes Portfolio an geistigem Eigentum

Geistiges Eigentum ab 2024:

• Gesamtzahl der aktiven Patente: 12
• Patentgerichte: Vereinigte Staaten, Europa, Israel
• Patentschutzdauer: Durchschnittlich 15-20 Jahre

Finanzielles Kapital für laufende Forschungsinitiativen

Finanzielle Mittel für Forschung und Entwicklung:

Finanzkennzahl	Betrag (USD)
Gesamtbudget für Forschung und Entwicklung 2024	18,5 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	22,3 Millionen US-Dollar
Finanzierung von Forschungsstipendien	3,2 Millionen US-Dollar

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur Krebsbehandlung

BioLineRx konzentriert sich auf die Entwicklung innovativer onkologischer Behandlungen mit besonderem Schwerpunkt auf:

• BL-8040: Fortschrittliche Therapie für metastasierten Bauchspeicheldrüsenkrebs
• AGT-53-Gentherapie gegen solide Tumoren

Produkt	Entwicklungsphase	Zielanzeige	Klinische Studienphase
BL-8040	Klinische Entwicklung	Bauchspeicheldrüsenkrebs	Phase 2
AGT-53	Präklinische Forschung	Solide Tumoren	Untersuchungshaft

Gezielte Therapien für ungedeckte medizinische Bedürfnisse

Zu den wichtigsten therapeutischen Schwerpunkten gehören:

• Seltene onkologische Erkrankungen
• Behandlungsresistente Krebsarten
• Ansätze der Präzisionsmedizin

Mögliche bahnbrechende Behandlungen in der Onkologie

Forschungsbereich	Investition	Forschungsbudget
Molekulare Onkologie	4,2 Millionen US-Dollar	37 % des F&E-Budgets
Gentherapie	3,7 Millionen US-Dollar	31 % des F&E-Budgets

Personalisierte therapeutische Ansätze

Wichtige Personalisierungsstrategien:

• Genomisches Profiling
• Gezielte molekulare Interventionen
• Patientenspezifische Behandlungsprotokolle

Fortschrittliche molekularbasierte Arzneimittelentwicklung

Technologieplattform	Patentportfolio	Forschungskooperationen
Molekulares Targeting	12 aktive Patente	3 akademische Partnerschaften
Genmodifikation	8 angemeldete Patente	2 Pharmakooperationen

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

BioLineRx unterhält durch gezielte Outreach-Strategien direkte Kommunikationskanäle mit medizinischen Fachkräften.

Engagement-Methode	Häufigkeit	Zielgruppe
Einzelberatungen	Vierteljährlich	Spezialisten für Onkologie
Sitzungen des medizinischen Beirats	Halbjährlich	Top 50 Onkologie-Forschungszentren
Klinische Forschungskommunikation	Monatlich	Forschungsermittler

Patientenunterstützung und Kommunikation zu klinischen Studien

BioLineRx implementiert umfassende Protokolle zur Patienteneinbindung.

• Rekrutierung von Patienten für klinische Studien: Bis zum vierten Quartal 2023 waren 87 Patienten in laufende Studien aufgenommen
• Patienten-Support-Hotline: 5 Tage pro Woche verfügbar
• Digitales Patienteninformationsportal: Start im Jahr 2022

Transparente Forschungs- und Entwicklungsberichterstattung

Das Unternehmen achtet in der Forschungskommunikation auf strenge Transparenz.

Meldekanal	Häufigkeit der Aktualisierungen	Plattform
Investor-Relations-Website	Vierteljährlich	Unternehmenswebsite
SEC-Einreichungen	Vierteljährlich	EDGAR-System
Wissenschaftliche Veröffentlichungen	Halbjährlich	Von Experten begutachtete Zeitschriften

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

BioLineRx nimmt aktiv an Networking-Möglichkeiten in der Branche teil.

• Im Jahr 2023 besuchte Konferenzen: 14 internationale Onkologiekonferenzen
• Gelieferte Vorträge: 7 wissenschaftliche Vorträge
• Branchen-Event-Networking: Über 150 professionelle Interaktionen

Digitale Kommunikationsplattformen für die Einbindung von Stakeholdern

Digitale Plattformen dienen BioLineRx als wichtige Kommunikationskanäle.

Digitale Plattform	Monatlich aktive Benutzer	Hauptzweck
LinkedIn-Unternehmensseite	4.200 Follower	Professionelles Networking
Investor-Relations-Website	2.500 einzigartige monatliche Besucher	Finanzinformationen
Wissenschaftliches Forschungsportal	1.800 registrierte Forscher	Forschungskooperation

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Kanäle

Direkte medizinische Forschungskommunikation

BioLineRx Ltd. nutzt direkte Kommunikationskanäle mit medizinischen Forschern durch:

• Gezielte E-Mail-Kommunikation: 247 direkte Forschungskontakte im Jahr 2023
• Personalisierte Forschungsbriefings: 34 spezialisierte Forschungspräsentationen
• Direkte Kontaktaufnahme mit den Hauptforschern: 56 aktive Forschungskooperationen

Kommunikationskanal	Jährliches Engagementvolumen	Hauptfokus
E-Mail-Kommunikation	1.872 Mitteilungen	Forschungsaktualisierungen
Forschungsbriefings	34 Vorträge	Klinische Entwicklung
Direkte Forscherkontakte	247 Kontakte	Wissenschaftliche Zusammenarbeit

Biotechnologie- und Pharmakonferenzen

Details zur Konferenzteilnahme für 2023:

• Gesamtzahl der besuchten Konferenzen: 12
• Internationale Konferenzen: 7
• Inländische Konferenzen: 5
• Gesamtzahl der Konferenzvorträge: 18

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Veröffentlichungsmetrik	Daten für 2023
Von Experten begutachtete Veröffentlichungen	6 Veröffentlichungen
Bereich des Journal-Impact-Faktors	2.5 - 7.8
Gesamtzahl der Zitate	142 Zitate

Investor-Relations-Websites und Präsentationen

Kommunikationskanäle für Investoren:

• Webcast zu den Quartalsergebnissen: 4 Veranstaltungen
• Downloads von Investorenpräsentationen: 3.215
• Einzigartige Besucher der Investor-Relations-Website: 42.567

Rekrutierungsplattformen für klinische Studien

Rekrutierungsplattform	Aktive klinische Studien	Patientenregistrierung
ClinicalTrials.gov	3 aktive Versuche	127 Patienten wurden aufgenommen
Internationales Register für klinische Studien	2 aktive Versuche	89 Patienten wurden aufgenommen

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

BioLineRx arbeitet mit Forschungseinrichtungen zusammen, die sich auf die Onkologieforschung konzentrieren, mit spezifischen Engagement-Daten:

Art der Forschungseinrichtung	Anzahl der Kooperationen	Forschungsschwerpunkte
Akademische Forschungszentren	7	Hämatologische und solide Tumorforschung
Nationale Krebsinstitute	3	Fortgeschrittene onkologische therapeutische Entwicklung

Pharmaunternehmen

Strategische Partnerschaften und Lizenzvereinbarungen:

• Pharmapartnerschaftsverträge insgesamt: 5
• Potenzieller Dealwert: 85,4 Millionen US-Dollar an potenziellen Meilensteinzahlungen
• Geografische Reichweite: USA, Europa, Israel

Gesundheitsdienstleister

Beteiligung an klinischen Studien und Vertriebskanäle für Behandlungen:

Typ des Gesundheitsdienstleisters	Anzahl der aktiven Sites	Teilnahme an klinischen Studien
Onkologische Behandlungszentren	22	Klinische Studien der Phase II/III
Spezialisierte Krebskliniken	15	Auswertungen des Behandlungsprotokolls

Krebspatienten und Behandlungszentren

Zielgruppe der Patientenpopulation:

• Hauptschwerpunkt: Fortgeschrittene hämatologische Malignome
• Geschätzte Zielpatientenpopulation: 45.000 pro Jahr
• Geografische Marktkonzentration: Vereinigte Staaten, Europäische Union

Biotech-Investmentgemeinschaft

Kennzahlen für Investitionen und finanzielles Engagement:

Anlagekategorie	Gesamtwert	Anlegertypen
Risikokapitalinvestition	37,6 Millionen US-Dollar	Spezialisierte Biotech-Fonds
Institutionelle Anleger	42,3 % der ausstehenden Aktien	Pharmazeutische Investmentgruppen

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete BioLineRx Forschungs- und Entwicklungskosten in Höhe von 14,3 Millionen US-Dollar. Die Forschungsausgaben des Unternehmens konzentrieren sich hauptsächlich auf die Entwicklung von Onkologie- und Immunologietherapeutika.

Jahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2022	12,7 Millionen US-Dollar	65.2%
2023	14,3 Millionen US-Dollar	68.5%

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien für BioLineRx beliefen sich im Jahr 2023 auf rund 8,6 Millionen US-Dollar und deckten mehrere laufende Therapieprogramme ab.

• Phase-I-Studien: 3,2 Millionen US-Dollar
• Phase-II-Studien: 4,7 Millionen US-Dollar
• Präklinische Studien: 0,7 Millionen US-Dollar

Schutz des geistigen Eigentums

Die jährlichen Kosten für den Schutz geistigen Eigentums für BioLineRx beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar und decken Patentanmeldung, Wartung und Anwaltskosten ab.

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar und stellten die Einhaltung der FDA- und EMA-Richtlinien sicher.

Verwaltungs- und Betriebsaufwand

Der Verwaltungs- und Betriebsaufwand für BioLineRx belief sich im Jahr 2023 auf 5,4 Millionen US-Dollar, einschließlich Gehältern, Bürokosten und Unternehmensinfrastruktur.

Kostenkategorie	Ausgaben 2023
Personal	3,6 Millionen US-Dollar
Büroeinrichtungen	0,9 Millionen US-Dollar
Technologieinfrastruktur	0,5 Millionen US-Dollar
Professionelle Dienstleistungen	0,4 Millionen US-Dollar

BioLineRx Ltd. (BLRX) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Im Jahr 2023 meldete BioLineRx potenzielle Lizenzeinnahmen im Zusammenhang mit seiner Arzneimittelentwicklungspipeline. Das Hauptlizenzpotenzial des Unternehmens konzentriert sich auf:

• BL-8040 Onkologietherapeutikum
• Behandlung der entzündlichen AGT-1-Erkrankung
• Dermatologisches Produkt BL-5010

Forschungsstipendien und Finanzierung

Finanzierungsquelle	Betrag	Jahr
Israelische Innovationsbehörde	1,2 Millionen US-Dollar	2023
Zuschuss der National Institutes of Health	$750,000	2023

Zukünftiger Verkauf pharmazeutischer Produkte

Das prognostizierte Umsatzpotenzial für pharmazeutische Produkte von BioLineRx umfasst:

• Marktpotenzial für die Krebsbehandlung BL-8040: Geschätzte 300-500 Millionen US-Dollar
• Marktpotenzial für entzündliche Erkrankungen des Typs AGT-1: Geschätzte 250-450 Millionen US-Dollar

Strategische Partnerschaftskooperationen

Partner	Fokus auf Zusammenarbeit	Potenzielle Einnahmen
Kompetenz Pharma	Entwicklung onkologischer Arzneimittel	5 Millionen Dollar im Voraus
Medison Pharmaceutical	Unterstützung bei klinischen Studien	Meilensteinzahlungen in Höhe von 3,5 Millionen US-Dollar

Meilensteinzahlungen aus der Arzneimittelentwicklung

Die Meilensteinzahlungsstruktur von BioLineRx für 2023–2024:

• Meilenstein der präklinischen Phase: 2 Millionen Dollar
• Meilenstein der klinischen Phase-I-Studie: 5 Millionen Dollar
• Meilenstein der klinischen Phase-II-Studie: 10 Millionen Dollar

BioLineRx Ltd. (BLRX) - Canvas Business Model: Value Propositions

You're looking at the core value BioLineRx Ltd. (BLRX) is trying to deliver across its key assets as of late 2025. It's about offering superior patient outcomes and, where possible, better economics for the healthcare system.

Next-generation stem cell mobilization for multiple myeloma (APHEXDA)

The primary commercial value proposition centers on APHEXDA (motixafortide), which is already approved in the U.S. for stem cell mobilization before autologous transplantation in multiple myeloma patients. This product is generating tangible revenue streams for BioLineRx Ltd. through its commercial partners. For the third quarter of 2025, APHEXDA generated sales of $2.4 million under Ayrmid's stewardship, resulting in royalty revenues for BioLineRx Ltd. of $0.4 million. The market adoption has been relatively quick; by the third quarter of 2024, APHEXDA had secured a 10% market share within the U.S. CXCR4 inhibitor space.

Here's a snapshot of the commercial performance underpinning this value proposition:

Metric	Value as of Q3 2025	Context
APHEXDA Sales (Q3 2025)	$2.4 million	Sales generated by commercial partner Ayrmid Ltd.
BioLineRx Royalty Revenue (Q3 2025)	$0.4 million	Royalty income from APHEXDA commercialization in the U.S.
U.S. Market Share (Q3 2024)	10%	Market share among CXCR4 inhibitors.

Potential for reduced healthcare resource utilization (HRU) and cost savings

For APHEXDA, the value proposition extends beyond just efficacy to the economics of the transplant process. While I don't see the specific ~$17,000 net cost savings figure you mentioned in the latest reports, the company has presented data suggesting a favorable financial impact compared to standard regimens. The analysis presented back in April 2024 compared APHEXDA in combination with G-CSF against mobilization regimens like G-CSF alone or G-CSF plus generic plerixafor. The key comparison point was the number of patient days per month. The argument is that APHEXDA may offer a similar or better overall financial impact despite a potentially higher drug acquisition cost. That's a critical point for hospital administrators, honestly.

Targeting high unmet needs like metastatic pancreatic cancer (PDAC)

BioLineRx Ltd. is actively developing motixafortide, the active agent in APHEXDA, for metastatic pancreatic cancer (mPDAC), an area with significant unmet need. This is being pursued through the ongoing CheMo4METPANC Phase 2b clinical trial, which is a collaboration involving Columbia University and Regeneron. The trial is designed to provide clear data points for future value assessment.

Here are the key milestones for this program:

• Full enrollment in the randomized trial is planned for completion in 2027.
• A prespecified interim analysis is planned when 40% of progression-free survival (PFS) events are observed.
• Pilot phase data showed positive clinical activity, including one patient with complete resolution of all radiologically detected liver lesions.

Developing a first-in-class, oral small molecule (GLIX1) for glioblastoma

The pipeline expansion value proposition is anchored by GLIX1, a first-in-class, oral small molecule targeting DNA damage response, initially for glioblastoma (GBM). This asset is being developed through a joint venture with Hemispherian AS, announced in September 2025. The development path is straightforward, with the FDA clearing the Investigational New Drug (IND) application in August 2025. You can expect the first-in-human Phase 1/2a study to kick off in the first quarter of 2026. This targets a market with substantial size and limited recent innovation.

The potential scale and protection for GLIX1 are significant:

• The GBM market opportunity is projected to reach $3.8 billion annually across the US and EU5 by 2030.
• A key U.S. patent secures protection for GLIX1 until 2040, with a possible extension of up to five years.
• This patent covers use in cancers where cytidine deaminase (CDA) is not over-expressed beyond a specific threshold, which is estimated to cover 90% of all cancers.

The company's financial position supports this development, with a cash runway guided into the first half of 2027 as of the third quarter of 2025, with $25.2 million on the balance sheet. Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Customer Relationships

You're looking at how BioLineRx Ltd. manages its relationships across its commercial, research, and investment fronts as of late 2025. It's a model heavily reliant on external entities for product realization and pipeline growth.

Indirect relationship management via commercial partners (Ayrmid, GloriaBio)

The relationship with commercial partners for APHEXDA is largely indirect, managed through royalty streams rather than direct sales force interaction. This structure shifted significantly following the Ayrmid transaction in November 2024. You see the direct financial impact in the quarterly revenue figures.

For instance, total revenues for the third quarter of 2025 were reported at $0.4 million, which entirely reflected royalties paid by Ayrmid from the commercialization of APHEXDA in the U.S.. This contrasts with the second quarter of 2025, where total revenues were $0.3 million from the same source.

Here's a look at the royalty and related financial context:

Metric	Period End Date	Amount	Context/Partner
Royalty Revenue	September 30, 2025 (Q3 2025)	$0.4 million	From Ayrmid for APHEXDA in U.S.
Royalty Revenue	June 30, 2025 (Q2 2025)	$0.3 million	From Ayrmid for APHEXDA in U.S.
Overdue Milestone Payment Receipt	Q2 2025	Implied positive impact on G&A reversal	From Gloria
Cash Position	September 30, 2025	$25.2 million	Cash, cash equivalents, and short-term bank deposits

The relationship with Gloria Biosciences covers commercialization in Asia.

High-touch collaboration with academic and clinical research centers

For pipeline assets, the relationship is highly collaborative and hands-on, especially with key academic institutions driving clinical development. You see this in the ongoing trials for motixafortide and the new GLIX1 joint venture.

Key collaborations include:

• Enrollment continuing in the CheMo4METPANC Phase 2b trial for motixafortide in mPDAC, led by Columbia University.
• An ongoing Phase 1 clinical trial for stem cell mobilization in Sickle Cell Disease is sponsored by Washington University School of Medicine in St. Louis.
• A second SCD study is enrolling patients, sponsored by St. Jude Children's Research Hospital.
• A new joint venture established in September 2025 with Hemispherian AS to advance GLIX1.

The GLIX1 joint venture targets a Phase 1/2a clinical trial initiation in the first quarter of 2026.

Investor relations and corporate communications to shareholders

Investor communication centers around financial stability and pipeline progress. The company guided its cash runway into the first half of 2027, based on a cash balance of $28.2 million as of June 30, 2025, which improved to $25.2 million by September 30, 2025.

Financial performance metrics that shape this relationship include:

• Net loss for Q3 2025 was $0.977 million, an improvement from a net loss of $5.82 million in Q3 2024.
• Net loss for Q2 2025 was $3.9 million.
• Earnings per share for Q3 2025 was $0, significantly outperforming the estimate of -$0.08.

The stock traded at $3.25 on November 24, 2025, following the Q3 report. The IR contact email is IR@BioLineRx.com.

Business development focus for pipeline expansion and in-licensing

The business development function is focused on leveraging BioLineRx Ltd.'s expertise to bring in new assets. Management targeted executing a transaction in 2025 to expand the pipeline. The most concrete result of this focus was the September 2025 joint venture with Hemispherian AS for GLIX1. The company also noted it continues to evaluate a broad range of potential pipeline expansion opportunities.

The company is aware of the risks associated with in-licensing agreements, noting that termination or unenforceability could materially affect its ability to commercialize candidates.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Channels

You're looking at how BioLineRx Ltd. gets its value propositions-like APHEXDA® and pipeline assets-out to the world, which is heavily reliant on partners and clinical/financial outreach as of late 2025.

Commercialization through Exclusive License Partners

Commercialization channels are primarily executed via out-licensing agreements for APHEXDA® (motixafortide) for its approved indication in the U.S. for stem cell mobilization for autologous transplantation in multiple myeloma. BioLineRx Ltd. retains rights for motixafortide in metastatic pancreatic cancer (PDAC) and the GLIX1 asset via a joint venture.

The financial flow from these channels is captured in the following table:

Partner/Territory	Upfront Payment Received	Potential Milestones	Royalty Rate	Equity Investment	Q3 2025 Royalty Revenue
Ayrmid Ltd. (Globally, excl. Asia)	$10 million	Up to $87 million	18% to 23%	$9 million	$0.4 million
Gloria Biosciences (Asia)	$15 million	Up to $50 million (China/Japan Dev/Reg) + Up to $200 million (Commercial)	Tiered double-digit	$14.6 million	Included in 2024 revenue prior to Ayrmid transaction

Note that U.S. commercial operations for APHEXDA ceased in the fourth quarter of 2024 following the Ayrmid out-licensing transaction.

Clinical Trial Sites and Academic Institutions

BioLineRx Ltd. uses a network of specialized medical and academic centers to drive its ongoing clinical development programs. This is a critical channel for generating data to support future regulatory filings and partnership value realization.

• CheMo4METPANC Phase 2b trial for motixafortide in metastatic pancreatic cancer is led by Columbia University.
• Phase 1 trial for motixafortide in Sickle Cell Disease (SCD) is sponsored by Washington University School of Medicine in St. Louis.
• A second SCD study is enrolling patients and is sponsored by St. Jude Children's Research Hospital.
• Full enrollment for the CheMo4METPANC trial is planned for completion in 2027.
• A Phase 1/2a clinical trial for GLIX1 is planned to initiate in Q1 2026.

Direct Communication with the Financial and Investment Community

The company maintains direct channels to the investment community through regular reporting and investor events, especially following its strategic shift to 'BioLineRx 2.0'.

Key financial reporting dates in 2025 included:

• Reported First Quarter 2025 Results on May 27, 2025.
• Reported Second Quarter 2025 Results on August 14, 2025.
• Reported Third Quarter 2025 Results on November 24, 2025.

Financial status as of the last reported quarter end:

Metric	Value as of June 30, 2025	Value as of September 30, 2025
Cash, Cash Equivalents, Deposits	$28.2 million	Not explicitly stated, but runway into H1 2027 projected as of June 30, 2025.
Total Revenues (Quarterly)	$0.3 million	$0.4 million
Annual Operating Burn Rate (Target)	~$12 million	N/A

The company also held an Investor Call on September 29, 2025.

Regulatory Submissions to the FDA and Other Global Health Authorities

Regulatory milestones are a key channel for validating the product candidates, with activity spanning the FDA and other bodies.

Key regulatory and presentation channels in 2025:

• APHEXDA® has an indication in the U.S. for stem cell mobilization for autologous transplantation in multiple myeloma.
• A poster with updated data from the pilot phase of the CheMo4METPANC trial was presented at the 2025 ASCO Annual Meeting in May.
• A poster on motixafortide for SCD was accepted for presentation at the 67th American Society of Hematology (ASH) Annual Meeting & Exposition taking place December 6-9, 2025.
• BioLineRx Ltd. announced receipt of a USPTO Notice of Allowance for a key patent covering GLIX1 on November 17, 2025.
• The most recent FDA-related event reported was on June 25, 2025, involving Soquelitinib.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Customer Segments

You're looking at the specific groups BioLineRx Ltd. targets with its therapies, especially considering the late 2025 landscape where APHEXDA is out-licensed and new pipeline assets are advancing.

Hematology/Oncology specialists and Transplant Centers in the US and globally

The primary customer base for the stem cell mobilization agent, APHEXDA (motixafortide), is the network of centers performing autologous stem cell transplantation (ASCT). In the U.S., this segment is substantial:

• There are more than 250 Transplant Centers in the U.S..
• Specifically, there are about 244 kidney transplant centers in the U.S..
• Specialists in these centers are the prescribers and users of mobilization agents for procedures like ASCT.

Multiple Myeloma patients undergoing autologous stem cell transplantation (ASCT)

This patient population represents the core indication for the currently commercialized asset, APHEXDA. The numbers reflect the addressable patient pool in the U.S. as of late 2025 projections:

The projected complete Multiple Myeloma (MM) prevalence in the USA for 2025 was 162,339 patients. The segment eligible for ASCT is a subset of those receiving systemic therapy:

Line of Therapy (LOT)	Projected Unique MM Patients in USA (2025)
1st Line	53,176
2nd Line	19,407
3rd Line	6,481
4th Line	1,649
5th Line	426

Annually, as many as 8,000 ASCTs are performed in the U.S. for MM patients. In one real-world analysis cohort spanning up to June 2025, 44.5% of newly diagnosed MM patients underwent ASCT.

Payers and health systems seeking cost-effective mobilization agents

Payers and health systems are a key segment because they determine formulary access and reimbursement for APHEXDA, which is now commercialized by Ayrmid Ltd. in the U.S. BioLineRx Ltd.'s direct financial interaction with this segment is through royalty income:

• BioLineRx Ltd.'s Total revenues for the third quarter of 2025 were $0.4 million, reflecting royalties paid by Ayrmid from the commercialization of APHEXDA in stem cell mobilization in the U.S..
• The company successfully reduced its operating expense run rate by over 70% beginning January 1, 2025, following the transfer of the APHEXDA program to Ayrmid.

Patients with metastatic pancreatic cancer and glioblastoma (future indications)

These represent future customer segments for pipeline assets being advanced by BioLineRx Ltd. through its joint venture and ongoing trials:

• Glioblastoma (GBM): The lead asset, GLIX1, is being developed for GBM, which is estimated to represent a greater than $3.7 billion global addressable market by 2030. A Phase 1/2a study for GLIX1 is expected to start in the first quarter of 2026.
• Metastatic Pancreatic Cancer (mPDAC): Motixafortide is being evaluated in the CheMo4METPANC Phase 2b clinical trial. In data presented at the 2025 ASCO Annual Meeting, four of 11 patients in the pilot phase remained progression-free after more than one year.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Cost Structure

You're mapping out the cost structure for BioLineRx Ltd. as of late 2025, and the story is one of significant streamlining following major asset out-licensing events. The company has aggressively managed its burn rate.

Lean operational structure following US commercial shutdown

The cost base reflects the shutdown of BioLineRx USA, Inc.'s independent commercialization activities, which happened in the fourth quarter of 2024 following the out-licensing of motixafortide (APHEXDA) to Ayrmid Ltd.. This strategic shift allowed the company to successfully reduce its operating expense run rate by over 70% beginning January 1, 2025. You can see this clearly in the Sales and Marketing line item, which went from a significant spend in the prior year to essentially zero in the most recent quarter.

• Sales and Marketing expenses for Q3 2025: $0 million.
• Sales and Marketing expenses for Q3 2024: $5.5 million.
• The company has refocused operations on development activities in Israel.

Research and Development (R&D) expenses

Research and Development expenses remain a core cost, but they are lower than the previous year, reflecting the out-licensing of U.S. rights for motixafortide to Ayrmid. This reduction is tied to lower expenses related to that asset, plus lower payroll and share-based compensation due to headcount reduction. The current R&D spend supports the ongoing CheMo4METPANC Phase 2b trial for motixafortide and the new GLIX1 program via the Hemispherian joint venture, with a Phase 1/2a trial for GLIX1 expected to start in Q1 2026.

Here's the quick math on the R&D spend for the third quarter of 2025:

Metric	Q3 2025 Amount	Q3 2024 Amount
Research and Development Expenses	$1.7 million	$2.6 million

General and Administrative (G&A) expenses

General and Administrative expenses also saw a significant drop, again driven by lower payroll and share-based compensation costs due to the reduced headcount following the commercial shutdown. What this estimate hides is the baseline cost to maintain the corporate structure and support the pipeline development.

Metric	Q3 2025 Amount	Q3 2024 Amount
General and Administrative Expenses	$0.8 million	$1.4 million

Sub-license fees and loan interest payments on remaining debt

Financing costs have dramatically improved, moving from an expense to a net income line item. This is directly attributable to the substantial paydown of the BlackRock loan balance in November 2024, which followed the Ayrmid transaction. The cost of revenues was immaterial in Q3 2025, which contrasts with the prior year and reflects the shift from direct commercial sales costs to sub-license fees on royalties received from Ayrmid's commercialization of APHEXDA.

• Net financial income for Q3 2025: $0.1 million.
• Net financial expenses for Q3 2024: $1.2 million.
• Cost of Revenues for Q3 2025: immaterial.

Costs associated with managing clinical trials and pipeline assets

Beyond the reported R&D expense, managing the pipeline involves costs related to the new joint venture with Hemispherian for GLIX1 and the ongoing support for the motixafortide Phase 2b trial. The company's cash position as of September 30, 2025, was $25.2 million, which management stated is sufficient to fund operations as currently planned into the first half of 2027. This cash runway is a critical factor in managing the ongoing clinical trial costs.

Finance: draft 13-week cash view by Friday.

BioLineRx Ltd. (BLRX) - Canvas Business Model: Revenue Streams

You're looking at the core of BioLineRx Ltd.'s current financial engine, which is heavily weighted toward product royalties and the potential for significant, non-recurring milestone payments from its licensing deals. Honestly, this structure shows a shift to a leaner model, relying on partners for the heavy lifting on commercialization.

The most immediate, recurring revenue stream comes from the commercialization of APHEXDA (motixafortide) in the U.S. for stem cell mobilization in multiple myeloma, which is handled by Ayrmid Ltd. For the third quarter ended September 30, 2025, BioLineRx Ltd. recorded royalty revenue of exactly $\mathbf{\$0.4 \text{ million}}$. This royalty is based on Ayrmid's reported APHEXDA sales, which reached $\mathbf{\$2.4 \text{ million}}$ in that same quarter. Total revenues for Q3 2025 were $\mathbf{\$0.4 \text{ million}}$, reflecting only these royalties, as it's not comparable to Q3 2024 which included upfront payment portions from the Gloria Biosciences deal.

Beyond the immediate royalties, the bulk of the potential upside is tied up in contingent payments from these partnerships. You need to track these potential payments closely, as they represent significant, albeit uncertain, future cash inflows. Here's the quick math on the potential future value locked in the agreements:

The agreement with Ayrmid Ltd., which covers global rights excluding Asia and solid tumors, includes those potential commercial milestones up to $\mathbf{\$87 \text{ million}}$. Remember, this is separate from the 18% to 23% royalties on net sales that BioLineRx Ltd. also receives from Ayrmid.

The collaboration with Gloria Biosciences for the Asia region is structured to provide two distinct buckets of potential future payments. First, there are the development and regulatory milestones, which could total approximately $\mathbf{\$50 \text{ million}}$. Second, and more substantial, are the potential commercial milestones tied to Asia sales, which are capped at roughly $\mathbf{\$200 \text{ million}}$. To be fair, these figures are based on the original deal terms, and the actual realization depends entirely on market performance and regulatory achievements in those territories.

It's also worth noting the non-APHEXDA revenue drivers, even if they aren't strictly 'Revenue Streams' in the traditional sense yet. BioLineRx Ltd. has retained the rights to develop motixafortide for metastatic pancreatic cancer (PDAC) and is supporting an ongoing Phase 2b trial. Furthermore, the company established a joint venture with Hemispherian AS to develop GLIX1, with a first-in-human Phase 1/2a clinical trial planned to kick off in the first quarter of 2026. These pipeline activities represent future, yet-to-be-monetized opportunities that could eventually feed into the revenue stream block.

The current financial position, with $\mathbf{\$25.2 \text{ million}}$ in cash as of September 30, 2025, is designed to carry operations into the first half of 2027 based on current planning. This runway is critical, as it gives the company time to hit the milestones mentioned above without immediate need for external financing.

You should keep an eye on these key performance indicators:

• APHEXDA net sales reported by Ayrmid.
• Achievement of any development or regulatory milestones from Gloria Biosciences.
• Progress on the PDAC trial and GLIX1 development timeline.

Finance: draft 13-week cash view by Friday.